Broadcom Inc. $AVGO Shares Sold by Randolph Co Inc

Key Points

• Randolph Co Inc cut its Broadcom stake by 18.7% in the fourth quarter, selling 67,877 shares and leaving it with 295,970 shares worth about $102.4 million. Broadcom remains its largest holding, making up roughly 9.8% of the portfolio.
• Broadcom reported strong quarterly results, with EPS of $2.44 beating estimates and revenue of $22.19 billion topping forecasts. Revenue jumped 47.9% year over year, and analysts expect about $9.97 EPS for the current year.
• Despite some insider selling, Wall Street sentiment remains positive on AVGO: multiple analysts raised or reiterated Buy ratings, and the consensus price target is around $490.13. The company also announced a quarterly dividend of $0.65 per share, payable June 30.

Randolph Co Inc trimmed its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 18.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 295,970 shares of the semiconductor manufacturer's stock after selling 67,877 shares during the period. Broadcom accounts for approximately 9.8% of Randolph Co Inc's holdings, making the stock its largest holding. Randolph Co Inc's holdings in Broadcom were worth $102,435,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of AVGO. Norges Bank acquired a new stake in Broadcom during the 4th quarter valued at $24,252,196,000. Arrowstreet Capital Limited Partnership increased its holdings in Broadcom by 499.4% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,634,232 shares of the semiconductor manufacturer's stock valued at $1,858,789,000 after purchasing an additional 4,694,313 shares in the last quarter. Vanguard Group Inc. increased its holdings in Broadcom by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 482,707,302 shares of the semiconductor manufacturer's stock valued at $167,064,997,000 after purchasing an additional 3,919,715 shares in the last quarter. Nordea Investment Management AB increased its holdings in Broadcom by 47.5% during the 4th quarter. Nordea Investment Management AB now owns 9,814,757 shares of the semiconductor manufacturer's stock valued at $3,406,211,000 after purchasing an additional 3,160,586 shares in the last quarter. Finally, Danske Bank A S acquired a new stake in Broadcom during the 3rd quarter valued at $987,488,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $515.00 price objective (up from $430.00) on shares of Broadcom in a research report on Thursday. Royal Bank Of Canada increased their price objective on Broadcom from $360.00 to $400.00 and gave the company a "sector perform" rating in a research report on Thursday, June 4th. Oppenheimer reiterated an "outperform" rating and issued a $535.00 price objective (up from $450.00) on shares of Broadcom in a research report on Thursday. Erste Group Bank upgraded Broadcom from a "hold" rating to a "buy" rating in a research report on Friday. Finally, TD Cowen reiterated a "buy" rating and issued a $500.00 price objective on shares of Broadcom in a research report on Thursday, June 4th. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, Broadcom has a consensus rating of "Moderate Buy" and an average price target of $490.13.

Insider Buying and Selling at Broadcom

In related news, Director Justine Page sold 2,018 shares of the firm's stock in a transaction on Wednesday, April 8th. The stock was sold at an average price of $353.00, for a total transaction of $712,354.00. Following the sale, the director owned 18,164 shares of the company's stock, valued at approximately $6,411,892. This trade represents a 10.00% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider S. Ram Velaga sold 8,000 shares of the firm's stock in a transaction on Friday, April 10th. The stock was sold at an average price of $370.52, for a total value of $2,964,160.00. Following the sale, the insider directly owned 57,932 shares in the company, valued at $21,464,964.64. The trade was a 12.13% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 324,282 shares of company stock worth $106,425,249 in the last three months. 1.90% of the stock is owned by insiders.

Broadcom Stock Up 2.8%

NASDAQ:AVGO opened at $396.60 on Tuesday. Broadcom Inc. has a 12-month low of $241.11 and a 12-month high of $495.00. The company has a quick ratio of 2.01, a current ratio of 2.24 and a debt-to-equity ratio of 0.71. The firm has a market capitalization of $1.88 trillion, a P/E ratio of 66.10, a P/E/G ratio of 0.70 and a beta of 1.41. The stock's fifty day simple moving average is $397.96 and its 200-day simple moving average is $362.43.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings results on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.40 by $0.04. Broadcom had a return on equity of 41.61% and a net margin of 38.85%.The business had revenue of $22.19 billion for the quarter, compared to analyst estimates of $22.13 billion. During the same period last year, the company earned $1.58 EPS. The firm's revenue was up 47.9% on a year-over-year basis. Equities research analysts expect that Broadcom Inc. will post 9.97 earnings per share for the current year.

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 22nd will be paid a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend is Monday, June 22nd. Broadcom's dividend payout ratio (DPR) is presently 43.33%.

Broadcom News Roundup

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom announced expanded security investments for the Spring and Java ecosystem, aiming to help enterprise customers defend against AI-enabled threats and reinforcing its software strategy. Broadcom Expands Its Investment in Spring and Java Ecosystem Security to Prepare Customers for AI-Enabled Threats
• Positive Sentiment: Several analysts and market commentators said the recent post-earnings decline may be exaggerated, arguing that Broadcom’s strong revenue growth and AI momentum still support the long-term story. Jim Cramer on Broadcom: “The Disappointing Earnings May Not Be as Crushing as We Think”
• Positive Sentiment: Wall Street sentiment remains constructive, with Bank of America raising its price target on Broadcom to $530 from $450 while keeping a Buy rating after the latest quarterly results and guidance. Is Broadcom (AVGO) the Best Stock in Chase Coleman’s Tiger Global?

Broadcom Profile

Broadcom Inc NASDAQ: AVGO is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company's semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom's portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.

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